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Where will my interest credit go to if I was issued s ome it just says to my account which account

 
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4 Replies

Where will my interest credit go to if I was issued s ome it just says to my account which account

Interest income is taxable on a tax return.

What exactly do you mean "interest credit"?  How did you receive this credit, from whom and why?

Where will my interest credit go to if I was issued s ome it just says to my account which account

This is what it shows on my return 

776 Interest credited to your account 07-15-2024 -$59.79

Where will my interest credit go to if I was issued s ome it just says to my account which account


@gallegosmateo985 wrote:

This is what it shows on my return 

776 Interest credited to your account 07-15-2024 -$59.79


Are you referring to a credit on your IRS transcript?  If so, we would no know why the credit is being entered on the transcript by the IRS.

Where will my interest credit go to if I was issued s ome it just says to my account which account

Did you have a refund on your IRS tax return?  Check how much the IRS sent you.  They may added the interest to your refund.  And don’t forget if the IRS paid you interest it will be taxable on your 2024 return next year.   So keep track of the amount. 

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